Osric Finance Limited - Period Ending 2016-07-31

Registration number: 00737997

Osric Finance Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2016
 

Leslie Dark & Co
Chartered Accountants
Dynamic House
2 Serbert Road
PORTISHEAD
Bristol
BS20 7GF

Osric Finance Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Osric Finance Limited
for the Year Ended 31 July 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Osric Finance Limited for the year ended 31 July 2016 set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Osric Finance Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Osric Finance Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Osric Finance Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Osric Finance Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Osric Finance Limited. You consider that Osric Finance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Osric Finance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Leslie Dark & Co
Chartered Accountants
Dynamic House
2 Serbert Road
PORTISHEAD
Bristol
BS20 7GF

23 January 2017

Page 1

Osric Finance Limited
(Registration number: 00737997)
Abbreviated Balance Sheet at 31 July 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					903,228			904,155
Current assets
Debtors					2,538			195,660
Cash at bank and in hand					511,090			284,089
					513,628			479,749
Creditors: Amounts falling due within one year					(61,886)			(56,046)
Net current assets					451,742			423,703
Total assets less current liabilities					1,354,970			1,327,858
Creditors: Amounts falling due after more than one year					(209,710)			(209,710)
Provisions for liabilities					(513)			-
Net assets					1,144,747			1,118,148
Capital and reserves
Called up share capital		4			1,000			1,000
Revaluation reserve					650,808			650,808
Profit and loss account					492,939			466,340
Shareholders' funds					1,144,747			1,118,148

For the year ending 31 July 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Osric Finance Limited
(Registration number: 00737997)
Abbreviated Balance Sheet at 31 July 2016
......... continued

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 20 January 2017

.........................................
Mrs Margaret Josephine Ledbury
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Osric Finance Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK. Income from property represents the value of rent charges delivered to the company.

Depreciation

Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% per annum of net book value
Fixtures, fittings and equipment	15% per annum of net book value

Investment properties

Fixed asset investments comprise multiple investment properties. These are stated at estimated market value. In accordance with the Financial Reporting Standard for Smaller Entities (effective 2015) they are not subject to periodic charges for depreciation.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Osric Finance Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2015		937,568			937,568
Disposals		(292)			(292)
At 31 July 2016		937,276			937,276
Depreciation
At 1 August 2015		33,413			33,413
Charge for the year		635			635
At 31 July 2016		34,048			34,048
Net book value
At 31 July 2016		903,228			903,228
At 31 July 2015		904,155			904,155

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due after more than one year		209,710			209,710

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		209,710			209,710

Page 5

Osric Finance Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		1,000			1,000			1,000			1,000

5	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mrs Margaret Josephine Ledbury
Mrs M J Ledbury, the shareholder and director, has provided an interest free loan to the company. The loan is repayable on demand.	47,376	(2,721)	44,655	(4,989)

Page 6